Practical Problem 09
SOLUTION :
IN THE BOOKS OF FIRM | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Sundry Liability | 12,000 | |||
Machinery | 6,000 | Creditors | |||
Goodwill | 9,000 | ||||
Stock and Debtors | 57,000 | 72,000 | By Bank A/c | ||
Stock and Debtors | 54,000 | ||||
To Bank A/c | Machinery | 6,000 | 60,000 | ||
Creditor | 10,800 | ||||
Contingent LIABILITY | 9,000 | 19,800 | By Partner’s Capital A/c | ||
(loss on Realisation) | |||||
Vaibhav | 10,560 | ||||
Sanjay | 5,280 | ||||
Santosh | 3,960 | 19,800 | |||
91,800 | 91,800 | ||||
Dr Partner’s Capital A/c Cr | |||||||
Particular | Vaibhav | Sanjay | Santosh | Particular | Vaibhav | Sanjay | Santosh |
To Balance b/d | 3,000 | By Balance b/d | 36,000 | 27,000 | |||
To Profit and Loss Account | 9,600 | 4,800 | 3,600 | By Bank A/c | 2,640 | ||
To Realisation A/c (loss) | 10,560 | 5,280 | 3,960 | ||||
To Santosh Capital A/c | 5,280 | 2,640 | |||||
To Bank A/c | 10,560 | 14,280 | By Vaibhav’s Capital A/c | 5,280 | |||
By Sanjay Capital A/c | 2,640 | ||||||
36,000 | 27,000 | 10,560 | 36,000 | 27,000 | 10,560 | ||
Dr Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Realisation A/c | 60,000 | By Balance b/d | 18,000 | ||
To Santosh’s Capital A/c | 2,640 | By Realisation A/c | 19,800 | ||
By Vaibhav’s Capital A/c | 10,560 | ||||
By Sanjay Capital A/c | 14,280 | ||||
62,640 | 62,640 | ||||